Amid worsening fuel shortages and surging prices, petrol now sells for nearly ₦1,000 per litre across major Nigerian cities.
Marketers say the situation is being driven by supply disruptions and temporary production setbacks at the Dangote Petroleum Refinery, sparking renewed pressure in the downstream oil market.
The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, confirmed that several marketers under the Depot and Petroleum Products Marketers Association of Nigeria are making plans to begin independent petrol importation to stabilise prices.
He expressed optimism that increased competition could soon help drive down pump prices.
According to checks by The PUNCH, the average price of petrol has climbed from around ₦865 to between ₦920 and ₦955 per litre in many filling stations, while some outlets in Abuja, Lagos and Sokoto now sell as high as ₦1,000 per litre.
This spike comes just weeks after expectations that prices would drop to ₦841 per litre following Dangote Refinery’s logistics-free distribution initiative.
However, that promise has yet to reflect at the pump, as many motorists continue to face long queues and inflated prices nationwide.
The Independent Petroleum Marketers Association of Nigeria has blamed depot operators for the sharp rise, saying they increased their selling prices after Dangote temporarily halted fuel loading.
Depot prices reportedly jumped from an average of ₦830 to nearly ₦890 per litre this week. Major depots such as Matrix, Fynefield, and Liquid Bulk were said to be selling around ₦900 per litre on Tuesday.
This prompted filling stations, including NNPC outlets, to adjust their retail prices accordingly. The NNPC confirmed that it reviewed pump prices in response to higher ex-depot costs.
The company’s spokesperson, Andy Odeh, explained that all retailers are affected by depot price hikes, leading to adjustments across the board.
Meanwhile, industry insiders say the Dangote Refinery temporarily suspended fuel loading due to maintenance work and internal restructuring following recent staff layoffs.
IPMAN President, Abubakar Shettima, noted that depot owners exploited the brief shutdown to raise their ex-depot rates, but expressed confidence that prices would ease once the refinery resumes full operations.
Similarly, the CEO of PetroleumPrice.ng, Jeremiah Olatide, linked the current scarcity to crude supply shortages and the refinery’s decision to prioritise its own delivery trucks and affiliate, MRS.
He said over 800 staff layoffs and low crude stock levels have affected production, limiting supply to private marketers.
In Sokoto and other northern states, motorists have lamented paying between ₦960 and ₦1,050 per litre, while NNPC stations remain closed in several areas.
Analysts warn that with petrol nearing the ₦1,000 mark, Nigeria could face another round of price shocks across transportation, food and manufacturing sectors unless supply stabilises soon.
